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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Top 5 Filing Mistakes on UCC1 Financing Statements

August 29, 2019 UCC

A Secured Party must file their UCC1 Financing Statement quickly and correctly In order to perfect their security interest. Inaccurate, incomplete or untimely filings can prove costly for lenders as they open the door for secondary parties to claim a priority position. 1. Failing to file under the exact legal name A UCC filing must properly identify the debtor to effectively perfect a security interest. To satisfy this requirement,…READ MORE

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Legislation Effective September 1st

August 21, 2019 Corporate, Legislation

Texas House Bill 1159 Relates to acknowledgment of written instruments on behalf of limited liability companies. Senate Bill 1258 Provides for prosecution under the Penal Code of LLCs and other entities governed by the Business Organizations Code. House Bill 3609 Provides for business entities to file assumed name certificates only in the office of the Secretary of State and repeals the requirement to also file in county clerk…READ MORE

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Texas Revised Assumed Name Filing Requirements

August 21, 2019 Corporate, Legislation

Texas House Bill 3609: Effective September 1st, 2019 Amends the Assumed Business or Professional Name section (Title 5, Chapter 71) of Texas Business and Commerce Code to remove county filing requirements. Assumed Name Requirements Entities required to file Certificates of Assumed Name if regularly doing business under an assumed name: • Domestic Business Corporations • Limited Liability Companies (LLCs) • Limited Liability…READ MORE

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